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Long-term Bitcoin holders, also termed ‘whales,’ are accumulating coins at the highest rate since April 2023. As per the recent report from CryptoQuant, these investors have been accumulating Bitcoin with a monthly compound growth rate of 6.3%. 
This growth in the acquisition is helping the cryptocurrency’s market capitalization. However, it is threatened by the increased supply of seized Bitcoins and the continuing distribution of funds from the defunct Bitcoin exchange, Mt. Gox. 
Moreover, the CEO of CryptoQuant highlighted this behavior of whales in his tweet. 
<blockquote class="twitter-tweet">
 Permanent holders, mostly custodial wallets with no outflows, accumulated 85K <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in the last 30 days. These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings. While some panic sell, "the others" are buying. <a href="https://t.co/t9oN6pVwST">pic.twitter.com/t9oN6pVwST</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1811019602907824265?ref_src=twsrc%5Etfw">July 10, 2024</a>
</blockquote> 
The data indicates, however, that even with more bitcoins coming into the market, the demand from long-term holders is still strong. Although the Bitcoin price has pulled back from its $71,000 high to the $58,000 – $59,000 range, whales are accumulating more coins. 
<h2 class="wp-block-heading" id="h-market-trend-and-price-support">Market Trend and Price Support</h2> 
The increased buying pressure from <a href="https://www.thecoinrepublic.com/2024/07/11/bitcoins-600-million-influx-sparks-optimism-for-a-revival-to-60k/">Bitcoin whales</a> could signal stabilization or a bottoming out of prices. Often, periods of aggressive accumulation by dedicated investors occur before price consolidation or rebound periods.&nbsp; 
According to CryptoQuant, long-term holders are not likely to sell their Bitcoin holdings even with the declining market prices, indicating their confidence in BTC’s future. 
The market report also touches on the role of seized Bitcoins, released by governments such as the U.S. and Germany, which add to the circulating supply and could theoretically depress prices.&nbsp; 
However, the increased acquisition by the whales seems to neutralize this supply increase and, therefore, continues to influence the price upwards. 
<h2 class="wp-block-heading" id="h-challenges-in-stablecoin-liquidity">Challenges in Stablecoin Liquidity</h2> 
Stablecoins such as USDT (Tether) are important for the sustained Bitcoin rally as they provide much-needed liquidity. However, the report shows that the growth of the market capitalization of USDT has slowed down, which might prove unfavorable for a quick price increase.&nbsp; 
Although there are certain favorable signs within the stablecoin market, especially from USDC (USD Coin). The expansion of stablecoin liquidity to support a major price surge is still limited. 
The relatively slow rate of increase in the liquidity of stablecoins and, more so, USDT may limit the markets’ capacity to accommodate selling pressure or larger volumes without putting downward pressure on the prices.&nbsp; 
This scenario clearly illustrates the interdependence of various components of the cryptocurrency market and how they all affect the asset’s valuation. 
<h2 class="wp-block-heading" id="h-is-the-market-ready">Is the Market Ready?</h2> 
The actions of long-term investors will define the future path of Bitcoin’s price as the market of digital assets develops.&nbsp; 
The market’s preparedness to transition to a new growth phase may be closely link to the solution of liquidity issues and adjustment to the appearance of new market participants and capital. 
Goldman Sachs and other financial institutions are recognizing the potential of tokenized assets and are beginning to introduce products that could further integrate cryptocurrency with traditional financial markets.&nbsp; 
<blockquote class="twitter-tweet">
 *Goldman Sachs* to launch three tokenization projects… Paying attention yet? via <a href="https://twitter.com/leomschwartz?ref_src=twsrc%5Etfw">@leomschwartz</a> <a href="https://t.co/FltNEjvt0s">pic.twitter.com/FltNEjvt0s</a>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1811036630918029350?ref_src=twsrc%5Etfw">July 10, 2024</a>
</blockquote> 
Such developments could potentially enhance the liquidity and stability of Bitcoin and other digital assets as they become more ingrained in mainstream financial systems. 
The ongoing accumulation by Bitcoin whales is a critical indicator of underlying confidence in the asset’s value proposition, suggesting a continued commitment to the long-term potential of Bitcoin. 
The post <a href="https://www.thecoinrepublic.com/2024/07/11/bitcoin-btc-accumulation-by-whales-hits-15-month-high-report/">Bitcoin (BTC) Accumulation By Whales Hits 15-Month High: Report</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin (BTC) Accumulation By Whales Hits 15-Month High: Report

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Thecoinrepublic.com

Ďalšie články zverejnené 11. 7. 2024

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